Two weeks ago, Islanders owner Charles Wang fired GM Neil Smith after only 40 days of service, replacing him with back-up goaltender Garth Snow. The maneuver generated a predictable maelstrom of controversy, and provided one more ludicrous chapter in a seemingly never-ending saga of bizarre franchise management.

Lost in the conflagration, however, was the actual state of the Islanders’ hockey team. Neither good nor awful, their middling 2005–06 performance provided little indication that the team’s future was any brighter than its present. But when the trade deadline arrived, outgoing GM Mike Milbury did some of his best work in 10 years at the helm. And as a result, the Islanders’ outlook for the upcoming season is actually far better than one would logically be inclined to believe.

Milbury’s biggest deadline heist came at the expense of the Los Angeles Kings, when he sent underachieving winger Mark Parrish and one-dimensional defenseman Brent Sopel to Tinseltown in exchange for two valuable prospects, Jeff Tambellini and Dennis Grebeshkov. In Tambellini, the Isles added a speedy forward whose attributes suit him well to the NHL’s fastpaced style of play. But the real key to that deal is Grebeshkov, who is expected to develop into one of the league’s finest blueliners.

Selected in the first round of the 2002 Entry Draft, Grebeshkov is the prototypical rearguard for the 21st-century NHL. An excellent skater who’s very solid positionally, he demonstrated over the past two seasons that he has what it takes to be an impact offensive defenseman at the NHL level, tallying 76 points in 123 games for the AHL’s Manchester Monarchs. Grebeshkov is currently unsigned, but because he doesn’t yet hold any leverage under the Collective Bargaining Agreement, it is expected that the Isles will get him under contract by the time training camp begins.

Also unsigned is talented netminder Rick DiPietro. Last summer, the Islanders were reportedly discussing a $67.5 million, 15-year deal for DiPietro that would have kept him on Long Island for the duration of his career. Those talks fell through, so the Isles instead inked him to a one-year, $2.5 million contract.

It seems reasonable to expect that the Isles will be able to sign DiPietro to a shorter multiyear deal worth between $2.5 and $3 million for the coming season, terms that would fit nicely under the cap. In sum, the Isles have $36.4 million committed to 20 players, and should have no problem finalizing their roster without approaching the $44 million payroll limit.

So with DiPietro between the pipes — and with Grebeshkov joining free agent acquisitions Brendan Witt and Tom Poti and the returning Alexei Zhitnik on the Isles’ blue line — the team’s defensive core should be quite good. And with a mostly young and speedy corps of forwards ready to take a leap forward in their development, these Isles should be quite difficult to play against, especially if they take to the teachings of new head coach Ted Nolan.

Of course, no discussion of the Isles is complete without mention of enigmatic Russian forward Alexei Yashin. Counting for a whopping $7.6 million against the cap for the next five seasons, Yashin can rightly be considered the most overpaid athlete in the NHL, and perhaps in all of North America. But as the expectations for him continue to fall, it becomes more possible that he’ll finally be able to meet (and perhaps even exceed) them.

But more intriguing than whether Yashin will play well is just how he’ll jell with Nolan. The new coach’s teams typically distinguish themselves with unfailing effort and gritty, workmanlike performances, or the direct antithesis of what Yashin has come to be. His exorbitant salary keeps him tethered to the Isles’ roster, but will it guarantee him playing time in Nolan’s system?

Look for Yashin’s relationship with the hard-nosed Nolan to be one of the more compelling personality clashes in New York-area sports since Billy Martin shared a dugout with Reggie Jackson.

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TOUGH DECISIONS FOR DEVILS Last week, Scott Gomez was awarded a $5 million contract for the coming season, and Devils GM Lou Lamoriello announced that the team would accept the offer. But now, Lamoriello finds himself in an incredibly difficult position.With the team’s payroll rising well beyond the league’s $44 million salary cap, it’s apparent that some maneuvering is needed.

There has been rampant speculation that the solution to this quandary will come via trade; there is little reason to believe that any available offers would enable the Devils to remain a playoff team. Instead, look for Lamoriello to pursue an approach that will cost new owner Jeff Vanderbeek a bit more money, but will enable his team to remain intact.

It appears that salary cap albatrosses Alexander Mogilny and Vladimir Malakhov will in fact report to training camp this fall. And though it’s improbable that either player will re-emerge as an All-Star caliber performer, their presence should give Lamoriello some options with which to work. And on the off chance that either (or both) player bounces back with a strong preseason, there just might be demand for their services in the trade market.

But more likely, the two Russian veterans will be sent to Lowell to play for the Devils’ AHL affiliate. If they accept that assignment, they will still receive their combined $7.1 million for 2006–07. But their salaries would not count against the cap. For the Devils, already $4.93 million over the cap without counting the still-to-besigned Brian Gionta, Paul Martin, David Hale, and a backup goaltender, that might just be enough cap salvation to put them on the right side of $44 million.

Mr. Greenstein is the editor in chief of InsideHockey.com.